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$12M Refinances 85,000-SF Shopping Center

TRACY, CA-The owner of the 100%-leased center here closes on an 80% 10-year loan with a 30-year amortization that carries an interest rate in the 5% range.

By Brian K. Miller | Updated on March 16, 2005

TRACY, CA-Stuart LP-Tracy has closed on $12.2 million in financing for Tracy Corners Shopping Center, an 85,000-sf shopping center here that is fully leased. The 10-year loan carries an 80% loan-to-value and fixed rate of 5.51% with a 30-year amortization.Tracy Corners is a neighborhood retail center that was built in 1992. At the time of financing, Tracy Corners was 100% leased to a mix of tenants including anchors Food 4 Less and Kragen Auto Parts.The loan was funded by Citigroup Global Markets Realty Corp. Dana Summers and Bruce Francis of LJ Melody & Co.’s Phoenix office sources the loan. Summers tells GlobeSt.com the deal was “pretty straight forward.” The refi was designed to improve the owner’s interest rate and allow him to recapture some equity for another deal, he says.

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